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What Are The Odds?: David Williams' take on betting it all

By brass Staff on April 30th, 2006 • Gambling, Life
Originally appeared in: Summer 2006

Poker fever is everywhere. The game has caught on like wild fire--in college dorm rooms and living rooms, on the Internet and primetime television. However, the recent fame and online evolution of poker hasn't changed everything about the old card game. The chances of reaching poker royalty are still undeniably slim. When David Williams won $3.5 million at the 2004 World Series of Poker, it's a safe bet that he had some extraordinary qualifications up his sleeve. But the 25-year-old's perspective on his professional poker career is the biggest jackpot of all. "Skill negates gambling in poker", he says, "but luck is of course an element." Even for a poker king, the game is still a gamble.

The Arlington, Texas native grew up with a powerful mathematical mind and a passion for perfection. At a young age, David mastered the card game Magic, traveling all over the world for competitions. By age 16, he entered the accelerated Texas Academy of Math and Science at the University of North Texas. He scored 1550 on the SAT, and would have been disappointed if he had not earned a perfect score on the math portion.

Many of the nation's most prestigious colleges sent acceptance letters, hoping to call David one of their own. He selected Princeton, but later transferred to Southern Methodist University to be closer to home. Most people would boast about a 3.9 cumulative GPA in Economics (4.0 at SMU), but David won't because the less-than-perfect average irks him.

Playing poker was a natural transition from his early Magic card tours. Careful study of the game, accelerated by his extraordinary mathematical talent and some well-timed wins, put David in the World Series of Poker (WSOP) in 2004. At the same time, Texas Hold'em, a simple but challenging version of poker, was becoming rabidly popular thanks to the televised World Poker Tour. David's performance on the circuit threw him into the media as the young face of the game. Today he lives in Las Vegas and his sponsor, the entertainment company Bodog, provides him with an annual salary for tournament buy-ins.

David retains the unusual self-control that kept him cool on the way up. He has frugal spending habits compared to most multi-millionaire poker stars and realizes that money goes easily. His winnings total $4.6 million, the majority of which are in diversified investments. David waited nearly a year after his big winnings before buying himself a new car--a Mercedes SL--and even now is slightly haunted by his decision.

"Who am I? I just play cards," David says.

His perspective is refreshing considering that poker's recent popularity on television brought celebrity-status to professional poker players. David's fan base includes other celebrities, and he is frequently recognized by poker aficionados. Even a waiter in Las Vegas notices him during his interview with brass.

"Rumor has it, you're a world famous poker player," the waiter says. He tells David about his friend who considered quitting his job and trying to play poker professionally in Vegas.

"Anything is possible [with poker]," David comments, "but a poker career is not for everyone."

The poker-saturated media has prompted a significant number of people into believing they can quit their jobs to play poker full-time. However, David dissolves the glamour behind the game with resonating logic.

"It take's a very unique person to be able to [play professional poker] successfully," he says. "Most poker players are losing players, and that's what makes the winning players money."

David won $4.6 million playing poker, but he asks, where did the $4.6 million come from? It came from all of the people who lost; the people who thought they could quit their day jobs and make a living playing poker.
"A lot of players lie to themselves about their results," he says. "They won't accept they aren't a winning player."

Even with undeniable skill and a cleverly built strategy like David's, a professional poker career is a house of cards.
"My advice to a young adult with their eye on a poker career is to stay in school and have a backup plan," David says.

While he wants to continue challenging himself, if things go bad with poker or if he gets bored, he figures he can always further his education. With a mind and determination like David's (and a few million invested for the future) he's decided it's worth the gamble for now.

As for the rest of us? Do the math. The stiff odds should water down dreams of poker glory. Or just take a pro's word for it.

The Bottom Line

There were 5,619 participants in the 2005 World Series of Poker, and the vast majority lost their $10,000 buy-ins -- only 560 came away with any profit at all. The remaining 5,059 players lost over $50 million. Not to mention all of the money lost in satellite tournaments just trying to qualify for the championship. If you are lucky enough to get a seat, you will have to make split-second decisions based on math, hunches and your gut. What's your gut say now?

Sources: worldseriesofpoker.com; gamingindustrystocks.com; ncpgambling.org

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